Agree Realty Corp 8-K, filed Oct 4, 2023
Agree Realty Corp (ADC)
About this 8-K
Agree Realty Corp filed this 8-K on October 4, 2023.
Items reported
- Item 8.01: Other events
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Item 8.01. Other Events.
On October 4, 2023, Agree Realty Corporation (the “Company”) announced its weighted-average number of common shares outstanding for the three and nine months ended September 30, 2023. The following table computes the Company’s weighted-average number of common shares outstanding for the periods:
Three Months Ended | Nine Months Ended | |||||||
| September 30, 2023 | September 30, 2023 | |||||||
| Weighted-average number of common shares outstanding | 97,497,836 | 93,716,875 | ||||||
| Less: Unvested restricted stock | (242,693 | ) | (242,693 | ) | ||||
| Weighted-average number of common shares outstanding used in basic earnings per share | 97,255,143 | 93,474,182 | ||||||
| Weighted-average number of common shares outstanding used in basic earnings per share | 97,255,143 | 93,474,182 | ||||||
| Effect of dilutive securities: | ||||||||
| Share-based compensation | 94,330 | 108,646 | ||||||
| ATM forward equity offerings | - | 49,235 | ||||||
| September 2022 Forward Offering | - | 100,296 | ||||||
| Weighted-average number of common shares outstanding used in diluted earnings per share | 97,349,473 | 93,732,359 | ||||||
| Operating Partnership Units ("OP Units") | 347,619 | 347,619 | ||||||
| Weighted-average number of common shares and OP Units outstanding used in diluted earnings per share | 97,697,092 | 94,079,978 | ||||||
To account for the potential dilution resulting from the forward equity offerings on earnings per share calculations, the Company used the treasury stock method to determine the dilution during the period of time prior to settlement. There was no impact of the offerings on the Company’s weighted-average diluted shares for the three months ended September 30, 2023. The impact of the offerings on the Company’s weighted-average diluted shares for the nine months ended September 30, 2023 was 149,531 weighted-average incremental shares.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AGREE REALTY CORPORATION | ||
| Date: October 4, 2023 | By: | /s/ Peter Coughenour |
| Peter Coughenour | ||
| Chief Financial Officer and Secretary | ||